The popular iPhone app "FaceMan" has recently received a major update, as noted by Federico Viticci of MacStories. Now, the application - which is kind of like Photo Booth for the iPhone - features a new user interface, improved recording performance and a new effect. Currently, the app is available to download in the App Store for $0.99.
As outlined in the application's release notes, changes made in the latest version of FaceMan include:

Totally new user interface

Boosted recording performance up to 200%

Added new effect "Believe In"!

Added support for landscape mode both on the UI and recorded pictures/videos

Recording metadata of picture and videos are generated

Tons of bug fixes

Until Apple releases a Photo Booth for iPhone application (possibly within a future version of the iOS), FaceMan is the next best thing. As mentioned, the application is available to download in the App Store for $0.99. Take a look at the updated version now, and feel free to share your thoughts in the comments.